Fewer German Companies Plan To Raise Prices: Ifo
Bed Bath & Beyond Inc Q3 Loss Increases, misses estimates
Bed Bath & Beyond Inc (BBBY) revealed Loss for its third quarter that increased from last year and missed the Street estimates.
The company’s earnings came in at -$392.97 million, or -$4.33 per share. This compares with -$276.43 million, or -$2.78 per share, in last year’s third quarter.
Excluding items, Bed Bath & Beyond Inc reported adjusted earnings of -$331.23 million or -$3.65 per share for the period.
Analysts on average had expected the company to earn -$2.11 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.
The company’s revenue for the quarter fell 33.0% to $1.26 billion from $1.88 billion last year.
Bed Bath & Beyond Inc earnings at a glance (GAAP) :
-Earnings (Q3): -$392.97 Mln. vs. -$276.43 Mln. last year.
-EPS (Q3): -$4.33 vs. -$2.78 last year.
-Analyst Estimate: -$2.11
-Revenue (Q3): $1.26 Bln vs. $1.88 Bln last year.
German Self-Employed Less Pessimistic About Outlook: Ifo Survey
The business climate for self-employed individuals in Germany showed a considerable recovery at the end of the year as they were less pessimistic about the economic outlook, results of a survey conducted by the ifo Institute, in collaboration with Jimdo, showed on Monday.
The business confidence index for the self-employed rose sharply to -11.4 in December from -21.6 in November, the think tank said.
The strong recovery in December is due to significantly less pessimistic expectations among self-employed people, Ifo said.
Despite this, many self-employed people still lack optimism. Positive and negative responses are roughly balanced in the current business environment.
“There is light at the end of the economic tunnel,” said Klaus Wohlrabe, head of surveys at ifo. “Concerns for survival, while still at a high level, have decreased somewhat.”
Among sectors, pessimism still remains at its highest for the self-employed in retail. Considering service providers, satisfaction with their current business is steadily increasing.
Currently, 16.7 percent of the self-employed think their economic survival is at risk. For the economy as a whole, however, the figure was significantly lower at 6.3 percent.
U.S. Construction Spending Unexpectedly Inches Higher In November
A report released by the Commerce Department on Tuesday unexpectedly showed a modest increase in U.S. construction spending in the month of November.
The Commerce Department said construction spending crept up by 0.2 percent to an annual rate of $1.808 trillion in November after edging down by 0.2 percent to a revised rate of $1.803 trillion in October.
The uptick surprised economists, who had been expecting construction to decrease by 0.4 percent compared to the 0.3 percent dip originally reported for the previous month.
The unexpected increase in construction spending came as spending on private construction rose by 0.3 percent to an annual rate of $1.426 trillion.
Spending on non-residential construction surged by 1.7 percent to an annual rate of $558.3 billion, more than offsetting a 0.5 percent drop in spending on residential construction to an annual rate of $868.0 billion.
Meanwhile, the report showed spending on public construction edged down by 0.1 percent to an annual rate of $381.6 billion.
Spending on highway construction tumbled by 1.0 percent to an annual rate of $115.0 billion, while spending on educational construction inched up by 0.1 percent to an annual rate of $81.3 billion.
The Commerce Department noted total construction spending in November was up by 8.5 percent compared to the same month a year ago.
Pre-market Movers: SHC, OSH, FRO, NUWE, LCFY…
The following are some of the stocks making big moves in Tuesday’s pre-market trading (as of 06.45 A.M. ET).
In the Green
Sotera Health Company (SHC) is up over 51% at $13.06
Oak Street Health, Inc. (OSH) is up over 31% at $29.60
Frontline plc (FRO) is up over 24% at $14.07
Nuwellis, Inc. (NUWE) is up over 24% at $11.58
Locafy Limited (LCFY) is up over 21% at $8.18
CureVac N.V. (CVAC) is up over 20% at $12.50
MariaDB plc (MRDB) is up over 8% at $4.00
Stem, Inc. (STEM) is up over 7% at $8.75
In the Red
G Medical Innovations Holdings Ltd (GMVD) is down over 15% at $3.71
Euronav NV (EURN) is down over 14% at $13.66
Illumina, Inc. (ILMN) is down over 10% at $186.50
Moolec Science SA (MLEC) is down over 10% at $11.59
MicroCloud Hologram Inc. (HOLO) is down over 10% at $5.01
European Economic News Preview: France Industrial Output Data Due
Industrial production data from France is the only major statistical report due on Tuesday, headlining a light day for the European economic news.
At 2.00 am ET, Statistics Sweden is scheduled to release GDP, household consumption and industrial output data.
Also, consumer and producer prices are due from Norway. Consumer price inflation is expected to ease to 6.1 percent in December from 6.5 percent in November.
At 2.45 am ET, France’s statistical office INSEE publishes industrial production data for November. Economists forecast output to grow 0.8 percent month-on-month, reversing a 2.6 percent fall in October.
At 3.00 am ET, industrial production figures are due from Austria and Spain.
At 5.00 am ET, Greece’s Hellenic Statistical Authority is scheduled to issue industrial production and unemployment data for November.
Fewer German Companies Plan To Raise Prices: Ifo
Fewer German businesses have immediate plans to raise their prices in December than a month ago amid hopes of a slowdown in consumer and producer prices, the latest survey conducted by ifo Institute showed on Tuesday.
For the economy as a whole, the price expectations measure declined to 40.3 points in December from 46.2 points in November.
The points for the ifo price expectations indicate the percentage of companies that intend to increase prices on balance.
Price expectations fell the deepest in manufacturing and construction, with the measure easing from 53.3 points to 42.0 points, and from 38.4 points to 28.3 points, respectively.
Similarly, fewer companies are planning to raise their prices in the trade and the service sectors.
“This means that increases in producer and consumer prices are likely to gradually slow down in the months ahead,” said Timo Wollmershauser, head of forecasts at ifo. “Inflation rates will, however, remain high.”
At the same time, food retailers are planning to raise their prices the most, with the price expectations index standing at 83.7 in December versus 94.7 in November.
Germany’s headline consumer price inflation eased sharply to 8.6 percent at the end of 2022, thanks to lower energy prices and the government’s efforts to share the energy bill burden of the people.
Producer price inflation eased to reach its lowest level in nine months in November, amid a slowdown in the price growth of energy.